Fun

Bitcoin price nails new $73.6K all-time high as ETFs eat away at supply

News Feed - 2024-03-13 07:03:55

William Suberg14 hours agoBitcoin price nails new $73.6K all-time high as ETFs eat away at supplyBitcoin bulls have no time for long pullbacks as a BTC price dip to $69,000 is swiftly canceled to be replaced with new record highs.9705 Total views16 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) hit price discovery again before the March 13 Wall Street open as bulls beat out sell-side liquidity.BTC/USD 1-hour chart. Source: TradingViewBTC price roars back after snap wick to $69,000


Data from Cointelegraph Markets Pro and TradingView captured new all-time highs of $73,679 on Bitstamp.


BTC price strength had taken a breather the day prior, consolidating around the $72,000 mark and even seeing a snap $4,000 dip before abruptly heading higher.


In so doing, the market set up a repeat performance from the start of the week, where resistance kept upside moves in check — at least for a while.


On the day, it was $73,800 fulfilling that role, per data from monitoring resource CoinGlass.


Beyond that, little friction stood in the way of price discovery toward $80,000, evidenced by a lack of liquidation levels.BTC liquidation heatmap (screenshot). Source: CoinGlass


“Bitcoin wiped out overleveraged longs, retested the 2021 cycle high & then bounced back to $72,000,” popular trader Jelle summarized on X, adding that the landscape was now “looking good” for upside continuation.Spot Bitcoin ETFs set record daily inflows


Financial commentator Tedtalksmacro noted the increasing wave of institutional money inflows.


Related: Bitcoin is up 1,800% 4 years after the 2020 COVID-19 BTC price crash


These now dwarfed anything seen previously, even accounting for the United States’ new spot Bitcoin exchange-traded funds (ETFs).


“Fund inflows like we have never seen before. It makes 2020 look small... price will continue to catch up over the coming months,” he told X followers.“The steady grind to 100k is underway. Historically, when these flows peak, theres 2-3 months to GTFO of the market.”Bitcoin fund inflows. Source: Tedtalksmacro on X


The ETFs themselves fetched a record $1 billion of net inflows on March 12, final data confirms, with BlackRock’s product, the iShares Bitcoin Trust, enjoying the lion’s share.


“A record 14,706 BTC inflow on 12 March 2024,” BitMEX Research noted while uploading the numbers to X.Bitcoin spot ETF cumulative inflows. Source: BitMEX Research on X


That amount alone represents a considerable portion of the newly-mined supply in 2024, totaling approximately 65,500 BTC.


The two largest ETFs from BlackRock and Fidelity Investments held in excess of 330,000 BTC as of March 13 — five times what miners added.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# ETF# MarketsAdd reactionAdd reaction

News Feed

Bank of America Says Solana Could Take Market Share From Ethereum, Become the Visa of the Crypto Ecosystem
Bank of America Says Solana Could Take Market Share From Ethereum, Become the Visa of the Crypto Ecosystem Bank of America’s analyst says that Solana could take market share
XRP Reaches 6-Year High – Whales And STH Accumulate Together
Este artículo también está disponible en español. XRP has soared to a remarkable $2.49, marking its highest market value since January 8, 2018. This impressive milestone
Bitstamp Sees ‘Massive Crypto Interest’ From Institutional Clients
Bitstamp Sees "Massive Crypto Interest" From Institutional Clients The CEO of a major cryptocurrency exchange, Bitstamp, says that his trading platform is seeing “massive cr
BiKi.com Celebrates First Anniversary and Advocates Blockchain Empowerment For All
7th August, Singapore, Singapore –Fast-growing exchange BiKi.comcelebrated the one-year anniversary of its launch with an appreciation dinner themed “All for Partners” for its ecosystem of partners, i
Helen Partz14 hours agoBinance to deactivate some deposit addresses for wallet upgradeCryptocurrency exchange Binance continues upgrading its wallet infrastructure, which requires affected users to get new wallet address
Cryptography startup Fabric raises $33M for new data privacy chip
Ana Paula Pereira2 hours agoCryptography startup Fabric raises $33M for new data privacy chipBlockchain Capital and 1kx co-led the Series A round that will back the development of a new computing chip focused on data pri
Zhiyuan Sun8 hours agoBankrupt CeFi firm Haru Invest hints at asset recoveryNo specific timeline was given as to when users can receive their money back.1498 Total views8 Total sharesListen to article 0:00NewsJoin us on
John McAfee’s Body Is Still in a Spanish Morgue a Year After He Passed, His Widow Wants Answers
John McAfee"s Body Is Still in a Spanish Morgue a Year After He Passed, His Widow Wants Answers A year ago on June 23, the anti-virus software tycoon John McAfee was found dead in
Ethereum Has Destroyed $8.10 Billion in Ether, ETH Scarcity to Increase After The Merge
Ethereum Has Destroyed $8.10 Billion in Ether, ETH Scarcity to Increase After The Merge According to current metrics, the Ethereum blockchain has burned 2.35 million ether since th
Elisha Owusu Akyaw7 hours agoHashing It Out: MobileCoin CEO says crypto must make space for more womenSara Drakeley says crypto has a reputation for being a ”bro space” and urges the industry to make provisions that
Derek Andersen4 hours agoFTX co-founder Wang discusses plea deal, knowledge of financial concepts at SBF trialOn the final day of his testimony, FTX co-founder Wang discussed talking to the feds and his interpretation of
Helen Partz9 hours agoLedger hardware wallet rolls out cloud-based private key recovery toolLedger emphasized that the ID checks required for its private key recovery tool are not like KYC checks as they require “much